Ready Meals in China

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Executive Summary

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TRENDS

In 2017, ready meals declined by another 2% in retail value, compared to 6% decline in 2016. After suffering its biggest slump in 2016, canned porridge, under shelf-stable ready meals in Euromonitor International’s research and an important category in the Chinese ready meals category, saw some sign of recovery in 2017. Several main players took positive action in product upgrading and marketing campaigns, lifting up the entire category.

COMPETITIVE LANDSCAPE

With rapid expansion of convenience stores and consumers’ negative impression towards canned porridge, private label ready meals surpassed Xiamen Yinlu Food to take the leading place in ready meals with a 26% value share in 2017, benefited by its wide enriched range of product offering in chilled ready meals and favoured particularly by time-pressed office workers, as an option for lunch or dinner.

PROSPECTS

Over the forecast period, value sales of ready meals are expected to achieve a positive CAGR, slightly above 0%, faster than the constant value CAGR of -2% at constant 2017 prices seen over the review period. The reason behind this reversal is that consumers will continue to crave convenient and healthy ready meals whilst following a fast-paced lifestyle. At the same time, product innovation and upgrading from the supply side, which are missing currently, can be expected in the forecast period, thus fulfilling the needs from the demand side and pushing sales.

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